Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB367 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	SENATE FLOOR VERSION - SB367 SFLR Page 1
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	3	+	Req. No. 1699 Page 1 1
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29		-	SENATE FLOOR VERSION
30		-	March 5, 2025
	28	+	STATE OF OKLAHOMA
31	29
	30	+	1st Session of the 60th Legislature (2025)
32	31
33	32		COMMITTEE SUBSTITUTE
34	33		FOR
35		-	SENATE BILL ~~NO.~~ 367 By: Boren
	34	+	SENATE BILL 367 By: Boren
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41		-	[ income tax - calculation of credit - effective
42		-	date ]
	40	+	COMMITTEE SUBSTITUTE
	41	+
	42	+	An Act relating to income tax; amending 68 O.S. 2021,
	43	+	Section 2357.43, which relates to Oklahoma earned
	44	+	income tax credit; limiting certain calculation of
	45	+	credit to certain tax years; clarifying statutory
	46	+	language; updating statutory references; and
	47	+	providing an effective date .
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47	52		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
48	53		SECTION 1. AMENDATORY 68 O.S. 2021, Section 2357.43, is
49	54		amended to read as follows:
50	55		Section 2357.43. For tax years beginning on or after January 1,
51	56		2022 year 2002 and subsequent tax years , there shall be allowed to a
52	57		resident individual or a part -year resident individual as a credit
53	58		against the tax imposed by Section 2355 of this title five percent
54	59		(5%) of the earned income tax credit allowed under Section 32 of the
55	60		Internal Revenue Code of the United States 1986, as amended, 26
56	61		U.S.C., Section 32, which for the taxable year beginning January 1,
57	62		2022, and the taxable year beginning each January 1 th ereafter tax
58	63		years 2022 through 2025 shall be computed using the same
59		-	requirements, other than the five percent (5%) amount to compute the
60		-	credit as prescribed by this section whic h shall remain constant, in
61		-	effect for computation of the earned income tax credit for federal
62	64
63		-	SENATE FLOOR VERSION - SB367 SFLR Page 2
64		-	(Bold face denotes Committee Amendments) 1
	65	+	Req. No. 1699 Page 2 1
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	90	+	requirements, other than the five percent (5%) amount to compute the
	91	+	credit as prescribed by this section which shall remain constant, in
	92	+	effect for computation of the earned income tax credit for federal
89	93		income tax purposes for the 2020 income tax year. For tax years
90	94		2002 through 2021 and for tax year 2026 and subsequent tax years,
91	95		the credit shall be five percent (5%) of the earned income tax
92	96		credit allowed under 26 U.S.C., Section 32 for the applicable tax
93	97		year. However, this credit shall not be paid in advance pursuant to
94	98		the provisions of Section 3507 of the Internal Revenue Code of 1986,
95	99		as amended. For tax years which begin on or after January 1, 2022
96	100		2002 through 2015 and tax year 2022 and subsequent tax years , if the
97	101		credit exceeds the tax imposed by Section 2355 of this title, the
98	102		excess amount shall be refunded to the taxpay er. The maximum earned
99	103		income tax credit allowable on the Oklahoma income tax return shall
100	104		be prorated on the ratio that Oklahoma adjusted gross income bears
101	105		to the federal adjusted gross income.
102	106		SECTION 2. This act shall become effective November 1, 2025.
103		-	~~COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS~~
104		-	~~March~~ 5~~, 2025 - DO PASS AS AMENDED~~
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	108	+	60-1-1699 QD 2/24/2025 5:15:12 PM